{"id":16241,"date":"2023-01-08T16:41:28","date_gmt":"2023-01-08T16:41:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/experts-predict-record-highs-for-precious-metal-bitcoin-news\/"},"modified":"2023-01-08T16:41:28","modified_gmt":"2023-01-08T16:41:28","slug":"experts-predict-record-highs-for-precious-metal-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/experts-predict-record-highs-for-precious-metal-bitcoin-news\/","title":{"rendered":"Experts Predict Record Highs for Precious Metal \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy at MKS Pamp Group, there is a \u201cdecent amount of bullish \u2018pent-up\u2019 demand that has been carried over from last year\u201d for gold.<\/strong><\/p>\n

Central Bank Demand and Ongoing Geopolitical Tensions Continue to Drive Gold\u2019s Ascent<\/h2>\n

The insistence for gold has continued to rise according to market prices during the past seven days. Gold jumped from $1,823 per troy ounce to $1,866 in that time frame. While gold<\/a> is up 2.36% against the U.S. dollar, a troy ounce of fine silver<\/a> is down roughly 0.58% since the start of the year.<\/p>\n

Over the past two months, both gold and silver have risen a great deal, with gold jumping 14.55% and silver increasing 22.31% against the greenback. With precious metals on the rise, \u2018gold bugs\u2019 believe the yellow metal is \u201cset to shine in 2023.\u201d<\/p>\n

\"Gold<\/p>\n

In a two-part series<\/a>, \u201cGold Mining Bull,\u201d an author for Seeking Alpha, argues that gold will perform better in 2023. The author cites central bank demand<\/a> and \u201congoing geopolitical tensions\u201d as reasons for optimism. Gold Mining Bull is paying particularly close attention to central bank gold purchases this year.<\/p>\n

\u201cCentral banks around the world, particularly in China, Turkey, and India, have been buying gold at a record pace,\u201d the author explains. \u201cThis trend has been going on for the past 13 consecutive years, but recently the pace has accelerated.\u201d The analyst adds:<\/p>\n

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They have been increasing their gold reserves in recent years as a way to diversify their foreign exchange holdings and reduce reliance on the U.S. dollar.<\/p>\n<\/blockquote>\n

Furthermore, the author also believes there are six more things that could boost gold\u2019s price, including a rebound in jewelry demand, the Federal Reserve\u2019s eventual pivot, the escalation of the Ukraine-Russia war<\/a>, a weaker U.S. dollar, a limited new mine supply, and the possibility of China invading Taiwan.<\/p>\n

\"Gold<\/p>\n

Central bank gold purchases have been a particularly influential factor in terms of gold interest over the past year. According to analysts cited<\/a> by the Financial Times, Russia and China accumulated the most gold in 2022 in terms of demand.<\/p>\n

MKS Pamp Group\u2019s Head of Metals Strategy Comments on Gold\u2019s Positive Market Trend<\/h2>\n

Nicky Shiels<\/a>, head of metals strategy and macro for MKS Pamp Group, told<\/a> Kitco News on Friday that there has been pent-up demand for gold, which could indicate a positive market trend. Shiels discussed this week\u2019s rising U.S. nonfarm payrolls<\/a> and said there is \u201csimply nothing recessionary\u201d about the report<\/a>.<\/p>\n

As for gold, it depends on whether the precious metal can maintain its weekly appreciation. \u201cDepending on whether gold can hold its weekly gains (which is looking increasingly likely), it solidifies the offensive way gold has been trading since it established a mild bull trend since early November \u2013 always looking for reasons to rally,\u201d she said. Shiels continued:<\/p>\n

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There\u2019s a decent amount of bullish \u2018pent-up\u2019 demand that has been rolled over from last year and can get ignited on the right data point (CPI & PCE) will be far more telling.<\/p>\n<\/blockquote>\n

On Jan. 5, 2023, Shiels also shared MKS Pamp Group\u2019s 2023 precious metals forecast<\/a>, which shows an average price of $1,880 for gold and $22.50 for silver. According to the forecast, gold could reach a high of $2,100 and silver could reach $28 per ounce in 2023. ABN AMRO expects<\/a> gold to be around $1,900 per ounce in 2023, and Saxo Bank has detailed<\/a> that gold could reach $3K per ounce this year.<\/p>\n

\u201c2023 is the year that the market finally discovers that inflation is set to remain ablaze for the foreseeable future,\u201d said Ole Hansen, head of commodity strategy at Saxo. Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, thinks<\/a> gold could possibly even surge to $4K per ounce in 2023.<\/p>\n

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\nTags in this story
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2022<\/a>, 2023<\/a>, ABN AMRO<\/a>, appreciation<\/a>, Bullish<\/a>, China<\/a>, CPI<\/a>, Demand<\/a>, Exchange<\/a>, geopolitical<\/a>, gold<\/a>, Gold Mining Bull<\/a>, Greenback<\/a>, holdings<\/a>, India<\/a>, jewelry<\/a>, Juerg Kiener<\/a>, Macro<\/a>, Metal<\/a>, metals<\/a>, mine<\/a>, MKS Pamp Group<\/a>, Nicky Shiels<\/a>, Nov. 3<\/a>, Ole Hansen<\/a>, ounce<\/a>, PCE<\/a>, pent-up<\/a>, pivot<\/a>, positive<\/a>, Purchases<\/a>, recessionary<\/a>, Reserve<\/a>, Rise<\/a>, Russia<\/a>, Saxo<\/a>, silver<\/a>, soar<\/a>, Strategy&<\/a>, Supply<\/a>, Tensions<\/a>, trend<\/a>, troy<\/a>, U.S. dollar<\/a>, Ukraine – Russia<\/a>, War<\/a>, weaker<\/a><\/div>\n<\/div>\n

What do you think about the 2023 gold price predictions? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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